PATRICK-MURRAY ADMINISTRATION PLEDGES $189.9 MILLION IN RESOURCES TO CREATE, PRESERVE 1,786 NEW RENTAL HOMES

Funding to support 32 affordable developments in 19 communities will yield an estimated 2,400 construction jobs

BOSTON, MA – June 22, 2010 – (RealEstateRama) — As part of the Patrick-Murray Administration’s ongoing commitment to boost affordable housing production, create jobs and foster economic growth, Governor Deval Patrick today pledged more than $189.9 million in resources leveraged from various affordable housing programs and private investment to support the construction of 32 rental developments in 19 communities across the state which will yield an estimated 2,400 construction jobs.”By investing this targeted blend of public and private resources to spur housing development, we are creating jobs, boosting local businesses, strengthening communities and building a better, stronger Commonwealth,” said Governor Patrick.

“Construction of these projects offers a solution for more affordable housing opportunities in communities across the state,” said Lieutenant Governor Timothy Murray, chair of the Interagency Council for Housing and Homelessness. “These new construction projects will also deliver options to a wide array of incomes, including those who earn modest wages and those who are transitioning from the perils of homelessness to permanent, sustainable living.”

When completed, the developments will create or preserve 1,786 units of new rental housing including 1,737 affordable units for low-and moderate income families. 290 of the affordable units will be targeted for families earning less than 30%.of the area median income. The following communities will benefit from these new developments: Boston (10 projects), Bourne, Cambridge, Chelmsford, Concord, Fall River, Fitchburg, Gloucester, Great Barrington, Hamilton, Haverhill, Lawrence (2 projects), Malden (3 projects), New Bedford, Northbridge, Somerville, Springfield (2 projects), Wareham and Worcester (detailed award sheet attached).

“This substantial investment will help put people back to work and help provide quality, affordable housing for those who are hurting the most.  I’m grateful to the Patrick-Murray Administration for its continued commitment to working families across Massachusetts,” said Senator John Kerry.

“This federal assistance will be used to reduce the large number of backlogged public housing construction and renovation projects throughout our region,” said Congressman William Delahunt. “These additional funds will not only improve the quality of our affordable housing, it will provide a much needed boost to local contractors, plumbers and builders that are important to our local economy.”

“During these difficult economic times, affordable housing is essential,” said Congressman James McGovern. “I’m pleased with the projects in Fall River and Worcester announced today.”

“This mix of federal and state resources will help provide affordable and secure housing to families in Lawrence, Haverhill, Concord and Chelmsford,” said Congresswoman Niki Tsongas. “In turn, these projects create construction jobs that boost the local economy and help put people back to work, making them an excellent investment in our communities.”

“The redevelopment of Malden Mills and the rehabilitation of Windsor House are big wins for Lawrence and the entire region. Hundreds of trades people will be put back to work and an entire area of the city will be revitalized with new housing options, which Massachusetts needs,” said Senator Sue Tucker, Senate Chair of the Joint Committee on Housing.

“The state remains committed to providing safe and affordable housing throughout the Commonwealth,” said Representative Kevin G. Honan, House Chair of the Joint Committee on Housing. “This funding is essential to preserving and producing affordable units for working families, seniors and those with disabilities. The construction of these 1,786 rental units will also put people back to work and help stimulate economic activity at a time when it is really needed.”

Funding commitments include $10 million in federal low-income housing tax credits and $16.3 million in state low-income housing tax credits, which will be sold to syndicators to leverage an estimated $123.4 million in private investment for project financing. Another $66.5 million in finance subsidies will be issued by the Patrick-Murray Administration’s Department of Housing and Community Development (DHCD) from state bond-funded affordable housing programs and federal HOME funds. DHCD administers funding from those programs to assist developers who produce housing for low- and moderate-income seniors, families, individuals and special needs residents across the state.

“Out of the 1,786 housing units supported through today’s awards, 290 are targeted to low-income individuals and families,” said DHCD Undersecretary Tina Brooks. “There is no better way to strengthen neighborhoods and put an end to homelessness than to create more permanent housing opportunities that are affordable to those on all income levels.”

RENTAL AWARDS

• 109 Mt. Pleasant (Boston): The Nuestra Communidad Development Corporation will use $898,000 in DHCD housing program subsidies to produce 7 units of supportive housing for formerly homeless families.
• Burbank Street Apartments (Boston): Fenway Community Development will use $879,019 from DHCD to preserve 36 rental units. 31 of those units will be affordable including 5 units targeted for low-income households.
• Cheriton Heights Senior Housing (Boston): AABA/The Community Builders will use $950,000 in federal low-income housing tax credits and another $2,430,824 in DHCD program subsidies to produce 70 rental units. 63 of those units will be affordable including 7 units set aside for low-income households.
• Hong Lok House (Boston): Rogerson Communities will receive $5,214,861 in DHCD program subsidies to produce 74 affordable rental units for the elderly with 36 units set aside for low-income households.
• Old Colony Phase I (Boston): Beacon Communities LLC will use $5,310,065 in state low-income housing tax credits and another $3,500,000 in DHCD program subsidies to preserve 116 affordable rental units with 72 of those units set aside for low-income households.
• Olmstead Green Rental Phase III (Boston): Lena New Boston will use $1,068,750 in federal low-income housing tax credits, $605,000 in state low-income housing tax credits and $3,643,845 in DHCD program subsidies to produce 50 affordable rental units with 10 units set aside for low-income households.
• Quincy Commons (Boston): Nuestra Communidad will use $4,250,000 in DHCD program subsidies to produce 40 affordable rental units for the elderly with 4 units set aside for low-income households.
• Washington-Beech HOPE VI Phase 2A (Boston): Trinity Financial will use $1,822,500 in federal low-income housing tax credits and $1,750,000 in DHCD program subsidies to preserve 50 affordable rental units including 5 units set aside for low-income households.
• Washington-Beech HOPE VI Phase 2B (Boston): Trinity Financial will use $1,900,000 in state low-income housing tax credits and $1,750,000 in DHCD program subsidies to preserve 56 affordable rental units including 6 units set aside for low-income households.
• West Fenway Apartments (Boston): Fenway Community Development will use $433,000 in DHCD program subsidies to preserve 48 units of affordable elderly rental housing including 4 units set aside for low-income households.
• Clay Pond Cove at Canal Bluffs (Bourne): The Housing Assistance Corporation will use $769,423 in federal low-income housing tax credits and $1,340,376 in state tax credits and $2,300,000 in DHCD programs subsidies to produce 45 affordable rental units including 5 units set aside for low-income households.
• Putnam Ave. Housing (Cambridge): Homeowners Rehab, Inc. will use $855,000 in federal low-income housing tax credits and $2,525,000 in DHCD program subsidies to produce 40 affordable rental units with 4 units set aside for low-income households.
• Residence at Highland Avenue (Chelmsford): CHOICE, Inc., will use $580,000 in DHCD program subsidies to produce 5 units of affordable housing with supportive services for formerly homeless families.
• Peter Bulkeley Terrace Renovation (Concord): The Concord Housing Authority will use $1,000,000 in DHCD program subsidies to preserve 24 affordable rental units for low- and moderate-income households
• Eagle Street (Fall River): Community Care Services will use $2,490,760 in DHCD program subsidies to preserve 17 affordable units for individual and family homelessness prevention. 8 of those units will be set aside for low-income households.
• Groop/Townveiw Assisted Living (Fitchburg): The Fitchburg Housing Authority and Winn Development will use $1,375,000 in state low-income housing tax credits and $4,850,000 in DHCD program subsidies to preserve 96 affordable rental units including 10 units set aside for low-income households.
• Central Grammar Apartments (Gloucester): The Community Builders will use $2,695,000 in DHCD program subsidies to preserve 80 rental units. 76 units of those units will be affordable including 9 units set aside for low-income households.
• Christian Hill Common (Great Barrington): Berkshire Housing Development Corporation will use $1,927,604 in DHCD program subsidies to preserve 40 affordable rental units for low- and moderate-income households.
• Firehouse Place (Hamilton): Harborlight Community Partners will use $475,000 in DHCD program subsidies to preserve 4 affordable units for low- and moderate-income households.
• Haverhill Safe Haven/Wadleigh House (Haverhill): The YMCA of the North Shore will use $2,000,000 in DHCD program subsidies to preserve 22 affordable single-room occupancy units including 6 units set aside for low-income households.
• Malden Mills Phase I (Lawrence): CSM North and Winn Development will use $1,200,000 in federal low-income housing tax credits as well as $3,500,000 in state tax credits and $2,300,000 in DHCD program subsidies to produce 75 rental units. 72 of those units will be affordable including 8 units set aside for low-income households.
• Windsor House (Lawrence): Commonwealth Land Trust will use $2,537,192 in DHCD program subsidies to preserve 70 affordable single-room occupancy units with supportive services.18 of those units will be set aside for low-income households.
• MM Homes (Malden): Housing Families, Inc. will use $1,607,200 in DHCD program subsidies to preserve 15 units of transitional and permanent housing for formerly homeless families.
• Salem Towers (Malden): Salem Towers Development LLC will use $2,460,782 in DHCD program subsidies to preserve 81 rental units. 80 of those units will be affordable for low- and moderate-income households.
• The Heritage (Malden): FCMH LLC and Peabody Properties will use $2,000,000 in DHCD program subsidies to preserve 176 rental units. 156 of those units will be affordable including 18 set aside for low- and moderate-income households.
• Harborview Towers (New Bedford): OMP Harborview Towers, LLC will use $2,800,000 in DHCD program subsidies to preserve 144 rental units. 140 of those units will be affordable for low- and moderate-income households.
• Linwood Mill Senior Housing (Northbridge): EA Fish Development will use $950,000 in federal low-income housing tax credits as well as $610,000 in state tax credits and $1,550,000 in DHCD program subsidies to produce 75 affordable rental units including 8 units set aside for low-income households.
• St. Polycarp Village Phase II (Somerville): The Somerville Community Development Corporation will use $619,875 in federal low-income housing tax credits and $2,072,658 in DHCD program subsidies to produce 29 affordable rental units including 3 units set aside for low-income households.
• City View Commons II (Springfield): First Resource Development Corporation will use $1,000,000 in federal low-income housing tax credits as well as $1,187,500 in state tax credits and $1,291,600 in DHCD program subsidies to preserve 120 affordable rental units including 12 units set aside for low-income households.
• Cumberland Homes Apartments Phase I (Springfield): Beacon Communities LLC will use $372,363 in federal low-income housing tax credits as well as $513,262 in state tax credits and $500,000 in DHCD program subsidies to preserve 38 rental units. 34 of those units will be affordable including 4 units set aside for low-income households.
• Depot Crossing (Wareham): South Shore Housing Development Corp will use $434,096 in federal low-income housing tax credits and $815,000 in DHCD program subsidies to preserve 32 affordable rental units for low-income households.
• Castle Hill Initiative (Worcester): Zu Development will use $1,000,000 in DHCD program subsidies to produce 10 rental units and make them all affordable for low- and moderate-income households

Contact:
Juan Martinez
Kim Haberlin
Heather Johnson
Caitlin Coyle
617-725-4025
Phil Hailer (DHCD)
617-573-1104